Aadhar Enable Payment System
In order to speed up financial inclusion in Aadhaar country, two working groups were formed by RBI for micro ATM standards and basic financial inclusion transactions under the directive of the government, which is RBI, Specific The Identification Authority, NPCI, Development Institute, and Research in Banking Technology and represent some of the specially invited banks and research institutes that we see.
We see that the group working on micro ATM and micro ATM standards and central infrastructure and connectivity has submitted its report to RBI. As a part of the working group, it was proposed to operate a Level Proof of Concept (PoC), the same we can do easily, integrating UIDAI's authentication and encryption standards, micro ATM To test standards and the impact of transactions before they use Aadhaar to make their actual use. This service has been seen in many places.
Let us show you AePS is a bank-led model that allows inclusion transactions online interoperable in PoS (Micro ATM) through the business correspondent of any bank using Aadhaar authentication. We can tell you that AePS allows you to do six types of transactions.
The only inputs required by the customer to conduct transactions under this services are what you can see here: -
- Bank Name
- Aadhaar Number
- Fingerprint captured during enrollment.
- Objectives
We use aadhar to empower a bank customer to access his respective Aadhaar enabled bank account and conduct basic banking transactions such as cash deposits, cash withdrawals, intra bank or interbank fund transfers, balance inquiries, and receive a mini statement Happen to do a business
Here you aim at the Government of India (GoI) and the Reserve Bank of India (RBI) in advancing financial inclusion.
If we see, how we run this service, let's see this service completely.
We can know that we started interbank transactions through a central switching and clearing agency to enable banks to do Aadhaar services.
To facilitate the disbursement of governmental rights like NREGA, Social Security Pension, Disabled Old Age Pension, etc. to any Central or State Government bodies using Aadhaar and authentication as supported by Aadhaar Services UIDAI.
To facilitate interoperability in banks in a safe and secure manner.
To build the foundation for a full range of Aadhaar enabled Banking services.
Banking Services Offered by AePS
- Cash Deposit
- Cash Withdrawal
- Balance Enquiry
- Mini Statement
- Aadhaar to Aadhaar Fund Transfer
- Authentication
- BHIM Aadhaar Pay
Other Services offered by AePS:
- eKYC
- Best Finger detection
- Demo Auth
- Tokenization
- Aadhaar Seeding Status
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